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Comprehensive Problem $07-63($LO $07-1,$ LO $07-2,$ LO $07-3,$ LO $07-4)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

During $2023,$ your clients, Mr$.$ and Mrs$.$ Howell, owned the following investment assets:

$*$No commissions are charged when no$-$load mutual funds are bought and sold.

Because of the downturn in the stock market, Mr$.$ and Mrs$.$ Howell decided to sell most of their stocks and the mutual fund

in $2023$ and to reinvest in municipal bonds. The following investment assets were sold in $2023$:

$*$No commissions are charged when no$-$load mutual funds are bought and sold.

The Howells' broker issued them a Form $1099-$B showing the sales proceeds net of the commissions paid. For example,

the IBM sales proceeds were reported as $$13,900$ on the Form $1099-$B they received.

In addition to the sales reflected in the table above, the Howells provided you with the following additional information

concerning $2023$:

In addition to the sales reflected in the table above, the Howells provided you with the following additional information

concerning $2023$:

The Howells received a Form $1099-$B from the Vanguard mutual fund reporting a $$900$ long$-$term capital gain

distribution. This distribution was reinvested in $31$ additional Vanguard mutual fund shares on $6/30/2023.$

In $2017,$ Mrs$.$ Howell loaned $$6,300$ to a friend who was starting a new multilevel marketing company called LD$3.$ The

friend declared bankruptcy in $2023,$ and Mrs$.$ Howell has been notified she will not be receiving any repayment of the

loan.

The Howells have a $$2,600$ short$-$term capital loss carryover and a $$5,100$ long$-$term capital loss carryover from prior

years.

The Howells did not instruct their broker to sell any particular lot of IBM stock.

The Howells earned $$3,150$ in municipal bond interest, $$3,150$ in interest from corporate bonds, and $$4,300$ in qualified

dividends.

Assume the Howells have $$137,500$ of wage income during the year.

Comprehensive Problem $07-63$ Part a$-3($Algo$)$

a$-3.$ Compute the Howells' tax liability for the year $($ignoring the alternative minimum tax and any phase$-$out provisions$)$ assuming they

file a joint return, they have no dependents, they don't make any special tax elections, and their itemized deductions total $$30,000.$

$($Use the tax rate schedules, Dividends and Capital Gains Tax Rates.$)$

c$.$ Assume the Howells' short$-$term capital loss carryover from prior years is $$82,600$ rather than $$2,600$ as indicated above. If

this is the case, how much short$-$term and long$-$term capital loss carryovers remain to be carried beyond $2023$ to future tax

years?

Note: Leave no cells blank $-$ be certain to enter $"$O$"$ wherever required.